Category: Stock Market News

TripAdvisor Inc. shares dropped more than 10% in late trading Monday after the online travel site announced revenue slightly below expectations in a quarterly earnings report. TripAdvisor reported third-quarter net income of $25 million, or 18 cents a share, on revenue of $439 million, up from $421 million a year ago. After adjustments for stock-based compensation and other effects, the company reported earnings of 36 cents a share. Analysts on average expected adjusted earnings of 35 cents a share on sales of $451 million, according to FactSet. While TripAdvisor did not provide revenue guidance in prepared remarks, it did not sound optimistic about an immediate rebound. “Recent partner bidding trends and our re-allocation of dollars away from online channels with
short-term payback will cause click-based and transaction revenue growth to slow further in Q4,” the company said. Shares fell lower than TripAdvisor’s 52-week low of $35.34 at times in after-hours action following the release of the report, after the stock closed with a 1.7% gain at $39.53. TripAdvisor shares have fallen 14.6% so far this year, as the S&P 500 index has gained 15.6%.

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Shares of Salesforce Inc. rose in the extended session Monday after the cloud-software company announced a strategic partnership with Alphabet Inc.’s Google for international infrastructure expansion. Salesforce shares rose 2.5% to $105 after hours, following a 0.3% close lower during the regular session. Under the agreement, Salesforce named Google Cloud as its preferred public cloud provider and will offer G Suite licenses at no additional cost for up to one year. In a press conference, Salesforce EVP Ryan Aytay said that Amazon.com Inc.’s Amazon Web Services will also remain a “preferred” cloud provider.

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Weight Watchers International Inc. shares soared to levels that would mean yet more record highs after releasing third-quarter earnings Monday afternoon. The weight-loss company reported net income of $44.7 million, or 65 cents a share, on revenue of $323.7 million, after reporting earnings of 53 cents a share on revenue of $280.8 million a year ago. Analysts on average expected Weight Watchers to report earnings of 51 cents a share on sales of $316 million, according to FactSet. After the earnings beat, shares soared higher than $50, a level the stock has never surpassed in regular trading, after closing with a 0.3% gain at $44.80. Weight Watchers stock has nearly quadrupled in 2017, increasing more than 294% amid a 15.6% gain for the S&P 500 index , making investor Oprah Winfrey even richer in the process.

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Priceline Group Inc. shares fell in the extended session Monday after the company reported third-quarter earnings with weaker than expected fourth-quarter guidance. Priceline shares were down more than 6% to $1,780 after hours. The company reported third-quarter net income of $1.7 billion, or $34.43 a share, compared to $506 million, or $10.13 a share, in the year-ago period. Adjusted earnings were $35.22 a share. Revenue rose to $4.43 billion from $3.69 billion in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of $34.26 a share on revenue of $4.34 billion. For the fourth quarter, analysts estimate adjusted earnings of $15.57 a share on revenue of $2.73 billion. Executives offered fourth-quarter guidance of adjusted earnings of between $13.40 and $14 a share. Priceline stock has gained 29.2% this year, with the S&P 500 index rising 15.6%.

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The Commodity Futures Trading Commission ordered Cargill, Inc. of Minnesota, a registered swaps dealer, on Monday to pay a $10 million penalty for allegedly providing counterparties and its swap data repository inaccurate marks from 2013 to the present that effectively concealed up to 90% of Cargill’s mark-up. The CFTC order contends Cargill concealed its full mark-up because providing accurate marks might reduce Cargill’s revenue. The CFTC also alleged that Cargill failed to diligently supervise its officers, employees, and agents relating to its business as a swap dealer. The regulator filed and simultaneously settled charges on Monday alleging Cargill had violated the Commodity Exchange Act and CFTC regulations but Cargill neither admitted nor denied the allegations.

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U.S. oil futures on Monday marked the best single-session rally in nearly a year–on a dollar basis–as the crude market was rattled by political disruptions over the weekend in Saudi Arabia that saw officials and members of the royal family detained. December West Texas Intermediate crude-oil futures closed up $1.71, or 3.1%, at $57.35 a barrel, marking the sharpest move on a dollar basis for a most-active contract since Nov. 30, when prices jumped $4.21, or 9.3%, in a single session after the Organization of the Petroleum Exporting Countries struck an agreement to cap output and stabilize oil prices, according to FactSet data. On a percentage basis, the rally for U.S. listed oil was the biggest one-day rise since Sept. 25.

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Gold futures settled sharply higher Monday, along with broader gains in the commodity complex, as a surge in prices of crude oil offered some signs of a potential increase in inflation, bullish for precious metals’ prices. December gold finished up $12.40, or 1%, at $1,281.60 an ounce., marking the best single session gain since late Sept., according to FactSet data. U.S. crude prices jumped more than 2% on Monday, while the U.S. dollar, as measured by the ICE U.S. Dollar Index , retreated. Higher oil prices can be seen as precursor to a rise in inflation and gold is often bought as a hedge against a pickup in prices. Weakness in the U.S. dollar can make assets priced in the currency, including metals, more attractive to buyers using weaker monetary units. The dollar index was down 0.2% at 94.77 on Monday.

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Shares of 21st Century Fox Inc. were up more than 5% during intraday trade on Monday after a report that the company has been in talks to sell most of the company to Walt Disney Co. . Disney shares were up a little more than 1%. CNBC, citing sources, said that Fox management believes a tighter group of assets focused around news and sports would better compete in the marketplace, suggesting that the talks have centered on Fox’s entertainment properties, such as its film arm 20th Century Fox. Shares of 21st Century Fox are down more than 6% in the year to date, and Disney shares are down more than 4%. By comparison the S&P 500 index is up nearly 16% and the Dow Jones Industrial Average is up more than 19%.

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Richard Berner will step down from his position as director of the Office of Financial Research at the Treasury Department at the end of this year, Treasury said Monday. Berner was confirmed by the Senate for the position in January 2013. In a statement, Treasury Secretary Steven Mnuchin said Berner was “instrumental” in the launch of the office, which was designed to serve the Financial Stability Oversight Council.

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Shares of Alibaba Group Holding Ltd. ran up 2.3% in morning trade Monday, on track for a record close, after Oppenheimer raised its price target on the back of “another strong quarter.” Last Thursday, the stock had hit an all-time intraday high of $191.22 after earnings and profit beat expectations, but the stock turned lower to close 0.7% below its Nov. 1 record close of $186.08, amid margin concerns. Oppenheimer analyst Jason Helfstein raised his stock price target to $220 from $200, as Alibaba’s results have made him more bullish on valuations for the company’s AliCloud and Ant Financial businesses, which offsets any concerns over lower retail margins. He reiterated the outperform rating he’s had on the stock since he started covering it three years ago. “Overall, we believe [Alibaba] is uniquely positioned to benefit from the rise of Chinese middle-class consumption,” Helfstein wrote in a note to clients. The stock has more than doubled year to date, while U.S.-based rival Amazon.com Inc. shares have rallied 50% and the S&P 500 has gained 16%.

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